v3.26.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2026
Income Taxes  
Schedule of components of income tax expense

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Six Months Ended June 30, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in US$’000)

Current tax

​

​

​

​

PRC

​

126

​

62,982

Others (note)

​

10

​

27

​

​

136

​

63,009

Deferred income tax expense/(benefit)

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​

​

​

PRC

​

862

​

(61)

Others (note)

​

211

​

214

​

​

1,073

​

153

Income tax expense

​

1,209

​

63,162

​

Note: Others mainly include US and HK tax jurisdictions.

Schedule of reconciliation of the Group's reported income tax expense to the theoretical tax amount

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Six Months Ended

 

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​

June 30, 2026

 

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  ​ ​ ​

(in US$’000)

 

Income before income taxes and equity in earnings of equity investees

 

  ​

 

  ​

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PRC

 

2,386

 

  ​

​

US and others

 

54

 

  ​

​

HK

 

11,213

 

  ​

​

Income before income taxes and equity in earnings of equity investees

 

13,653

 

  ​

​

Tax calculated at the statutory tax rate of the Company

 

2,253

 

16.5

%

Tax effects of:

 

  ​

 

  ​

​

Different tax jurisdictions

 

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PRC

 

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​

Changes in valuation allowances

 

5,690

 

41.7

%

Preferential tax deduction

 

(9,213)

 

-67.5

%

Preferential tax rate difference

 

(2,014)

 

-14.8

%

Exchange difference

 

4,649

 

34.1

%

Share-based payments

 

622

 

4.5

%

Withholding tax on undistributed earnings of a PRC entity

​

379

​

2.8

%

Other items

 

480

 

3.5

%

US and other tax jurisdictions

 

212

 

1.6

%

Non-taxable interest income

 

(3,856)

 

-28.2

%

Non-deductible professional expenses

 

539

 

3.9

%

Changes in valuation allowances

 

667

 

4.9

%

Others

 

801

 

5.9

%

Income tax expense

 

1,209

 

8.9

%

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Six Months Ended

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  ​ ​ ​

June 30, 2025

​

 

(in US$’000)

Income before income taxes and equity in earnings of an equity investee

​

495,592

Tax calculated at the statutory tax rate of the Company

​

81,773

Tax effects of:

​

​

Different tax rates applicable in different jurisdictions

​

2,115

Tax valuation allowance

​

7,783

Preferential tax rate difference

​

(865)

Preferential tax deduction and credits

​

(8,348)

Different tax rate applicable to gain from divestment of an equity investee

​

(17,647)

Expenses not deductible for tax purposes

​

5,146

Utilization of previously unrecognized tax losses

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(65)

Withholding tax on undistributed earnings of a PRC entity

​

(66)

Income not subject to tax

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(5,027)

Temporary difference

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(1,762)

Others

​

125

Income tax expense

​

63,162

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